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中小企业的银行信贷融资可获性:企业家异质特征与金融市场化程度的影响
引用本文:罗正英,周中胜,詹乾隆.中小企业的银行信贷融资可获性:企业家异质特征与金融市场化程度的影响[J].会计研究,2010(6).
作者姓名:罗正英  周中胜  詹乾隆
作者单位:1. 苏州大学商学院,215021
2. 台湾东吴大学会计系
摘    要:本文利用我国上市公司1999至2004年的数据,考察了非国有控股的中小企业的企业家的财富集中度和风险厌恶程度等异质性特征与中小企业所处地区的金融市场化程度对中小企业银行信贷融资可获性的影响。研究发现:中小企业的企业家财富集中度和所处地区的金融市场化程度对中小企业的银行信贷融资可获性具有积极影响,但企业家风险厌恶程度与中小企业的银行信贷融资可获性没有显著的相关关系。实证结果表明,中小企业的部分企业家异质性特征在我国目前的融资环境下,是影响中小企业银行信贷融资可获性的重要因素,而金融市场化程度则对其功能的体现有显著影响。

关 键 词:中小企业  企业家异质性  市场化程度  信贷融资

The Availability of the Bank Credit Finance: The Influence of the Entrepreneurs Different Characters and the Financial Marketization
Abstract:The paper discussed that the impact of entrepreneurs' wealth concentration,their risk aversion,and the degree of financial marketization on credit finance availability for non state-controlled SMEs.It also analyzed the significance of influence and discussed the reasons.The relative data is collected from the listed company from 1999 to 2004.This paper found that entrepreneurs' wealth concentration of SME was significant and it can indicate a signal of proceeds from control rights to outside investors.Furthermore,this paper found that the degree of financial marketization has a positive effect on the credit financing availability,but we have no evidence on the significance between entrepreneurs' risk aversion and debt availability.The empirical study showed that,under current capital market,the differences of entrepreneurs' characters of non state-controlled SME have become one of important criteria when getting credit financing,and have become one of good reference to improving the efficiency of credit financing.Moreover,increasing financial marketization will help to amplify the entrepreneurs’ characters.
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